07/09/2017 - 06:46

Morning Headlines

07/09/2017 - 06:46

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Morning Headlines

Payroll tax shock

Businesses will be slugged with higher payroll taxes in today's Budget as the State Government pursues a revenue windfall to help neutralise burgeoning debt and get WA's finances back in the black. The West

 

Rich Lister prospector warn of risks in gold royalty hike

One of Australia’s most successful mining prospectors has warned an increase to the gold royalty rate in Western Australia would reduce the attractiveness of exploration stocks, cap share prices and ultimately restrict the sector’s growth potential. The Fin

 

Heat builds on AGL to keep coal

Energy giant AGL has earned the wrath of the coal sector and Malcolm Turnbull has urged the company to put consumers before shareholders as he pushed the company to agree to sell the Liddell power station rather than allow it to close in 2022. The Fin

 

Prison system review as jail numbers grow

The State Government will use today’s Budget to launch a broad review of the justice system as the cost of WA’s growing prison population races past $1 billion a year. The West

 

D-day for Scaffidi suspension

The immediate council career of Perth Lord Mayor Lisa Scaffidi will be decided in WA’s Supreme Court today when her lastgasp bid to put on hold an 18-month disqualification from office is heard. The West

 

WIN headed to court over Ten creditor report

Network Ten administrator KordaMentha is headed to court after rebuffing requests from 21st Century Fox, Lachlan Murdoch and Bruce Gordon to delay next week’s meeting of creditors to approve the sale of the free-to-air broadcaster to CBS. The Fin

 

$9bn power hit for big firms

Australia’s largest energy users have warned that an estimated $9 billion in additional electricity and gas costs will feed through to the broader economy, threatening jobs and investment, as business drives pressure on Canberra to ease predicted power shortages. The Aus

 

GST-free electricity bills ‘affordable’

The proposed removal of GST from electricity bills, which would deliver an immediate cut of at least $200 to the average annual power bill, would cost the cash-rich states and territories a maximum of $2 billion, according to analysis by the Parliamentary Budget Office. The Aus

 

Shell chief expects gas export clampdown

Shell Australia expects the federal government to activate export curbs for Australian gas this year, despite early signs of wholesale gas prices falling and increasing flows of gas from Queensland to the high-demand southern states The Aus

 

The Australian Financial Review

Page 1: Energy giant AGL has earned the wrath of the coal sector and Malcolm Turnbull has urged the company to put consumers before shareholders as he pushed the company to agree to sell the Liddell power station rather than allow it to close in 2022.

P3: US President Donald Trump asked Prime Minister Malcolm Turnbull how to handle China’s leadership as the pair vowed to continue pushing Beijing to hit North Korea with even tougher economic sanctions.

P5: The government has dusted off a series of stalled infrastructure projects in Barnaby Joyce’s seat of New England, prompting claims by Labor that the Deputy Prime Minister is bracing for a byelection should he be disqualified by the High Court.

P6: Business will do most of the heavy lifting for the Australian Energy Market Operator’s emergency plan to avoid blackouts in Victoria and South Australia this summer.

P7: The ownership of coal power plants looks set for a revolution, with locally listed companies beating a retreat to preserve their public reputation, opening the door to a new breed of private equity and Asian players.

P13: Network Ten administrator Korda-Mentha is headed to court after rebuffing requests from 21st Century Fox, Lachlan Murdoch and Bruce Gordon to delay next week’s meeting of creditors to approve the sale of the free-to-air broadcaster to CBS.

Myer’s new clearance strategy to lift sales Myer is aiming to lift top-line sales, turn around unproductive stores and clear old stock faster by rolling out a new clearance format to at least eight stores across Australia.

One of Australia’s most successful mining prospectors has warned an increase to the gold royalty rate in Western Australia would reduce the attractiveness of exploration stocks, cap share prices and ultimately restrict the sector’s growth potential.

 

The Australian

Page 1: Australia’s largest energy users have warned that an estimated $9 billion in additional electricity and gas costs will feed through to the broader economy, threatening jobs and investment, as business drives pressure on Canberra to ease predicted power shortages.

The peak trade unions have been accused of skimming more than $130 million from unregulated worker entitlement trusts — funded by employers to cover redundancies, training and sickness benefits for workers — to expand their industrial and political war chests with large sums of tax-exempt income.

The proposed removal of GST from electricity bills, which would deliver an immediate cut of at least $200 to the average annual power bill, would cost the cash-rich states and territories a maximum of $2 billion, according to analysis by the Parliamentary Budget Office.

P3: Media industry leaders are demanding a review of the charters outlining the purpose of the ABC and SBS as they step up calls for the national broadcasters to be put on a tighter leash by the Turnbull government.

P4: Malcolm Turnbull is looking at new ways to expand the nation’s coal-fired power stations as he vows to give Australian households more affordable and reliable energy, with a surprise bidder emerging to keep a crucial AGL generator running into the next decade.

P6: Tony Abbott has told Malcolm Turnbull to “find another way” to hold a plebiscite on same-sex marriage if the High Court today strikes down the planned postal survey, declaring there can be no parliamentary vote on the controversial issue without a plebiscite occurring first.

P7: Health Minister Greg Hunt has triggered an investigation into the “research integrity” of the higher education grants process after a series of allegations about harassment and bullying and a breach of research protocols at the Australian Catholic University.

P8: Mining companies are bracing for a war with the McGowan government in Western Australia as speculation mounts Treasurer Ben Wyatt will today slug gold producers with higher royalties as part of his first budget.
P17: Encouraging signs in the latest national accounts data have reinforced the Reserve Bank’s message that the economy will gradually pick up in the coming year, leading to interest rate increases.

Shell Australia expects the federal government to activate export curbs for Australian gas this year, despite early signs of wholesale gas prices falling and increasing flows of gas from Queensland to the high-demand southern states

P19: German discounter Aldi, which has won millions of loyal fans in Australia thanks to its bargain basement prices and eclectic mix of general merchandise, is primed to supercharge its sales momentum as a new store format and widening price gap between itself and the major supermarket chains drives traffic to its stores.

P20: The worldwide slump in offshore oil and gas exploration coupled with the withdrawal of North America’s oil heavyweights back to their own shores has opened up a vast array of exploration opportunities for Woodside Petroleum, according to the group’s head of global exploration.

 

The West Australian

Page 1: Businesses will be slugged with higher payroll taxes in today's Budget as the State Government pursues a revenue windfall to help neutralise burgeoning debt and get WA's finances back in the black.

P3: State Government bureaucrats raised concerns about lead contamination in schools similar to that at Perth Children’s Hospital as early as March, it has been revealed.
P4: The State Government will use today’s Budget to launch a broad review of the justice system as the cost of WA’s growing prison population races past $1 billion a year.

The Building Commission says it is looking at 500 buildings in WA as part of an expanded investigation of flammable cladding on high-rise buildings after London’s Grenfell Tower disaster.

P6: Public and private agencies would be fined tens of thousands of dollars for breaching West Australians’ confidentiality under lapsed Carpenter government laws Labor is eyeing for resurrection.
P11: Indian Ocean Drive should be the next location for a point-to-point speed camera, Road Safety Minister Michelle Roberts believes.

P12: The immediate council career of Perth Lord Mayor Lisa Scaffidi will be decided in WA’s Supreme Court today when her lastgasp bid to put on hold an 18-month disqualification from office is heard.

P14: Computer hackers have accessed the personal details of thousands of TAFE students and staff.

P50: Brierty’s 17-month struggle to stay afloat has ended after directors yesterday accepted it was heading for insolvency and appointed administrators.

The court-appointed liquidators of Diploma Group are seeking to hold a creditors’ vote on a proposed rescue plan for the failed builder-developer.

Speculation was reaching fever pitch last night that the McGowan Government would hit gold miners with higher royalty rates in today’s State Budget in a bid to raise much-needed cash.

Ashok Parekh’s MacPhersons Resources is tapping the market for $5 million as it looks to expand the resource at its Boorara Gold Project, 10km east of Kalgoorlie’s Super Pit.

P51: Quadrant Energy is snatching more of the Varanus Island gas processing hub, yesterday revealing it will buy KUFPEC’s 19.28 per cent interest in the island’s original Harriet joint venture.

The discovery of gold nuggets in shallow rock south of Karratha and talk of Witwatersrand-style conglomerate gold mineralisation has sparked a nearology play even before any resource has been proven. 

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